Regardless of the mode of delivery, represent a guide to the relative teaching time and student effort required to successfully achieve a particular competency/module. This may include not only scheduled classes or workplace visits but also the amount of effort required to undertake, evaluate and complete all assessment requirements, including any non-classroom activities.

Pre-requisites and Co-requisites

There are no pre-requisites for this unit.

Course Description

This unit describes the skills and knowledge required to research and analyse legal principles and issues in corporations and trust law matters and then apply this knowledge to provide advice to clients.

It applies to individuals who work with corporations and trust laws in the workplace as determined by the job role, legislation, rules, regulations and codes of practice relevant to different jurisdictions.

Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. This unit is designed to meet educational requirements of the Tax Practitioner Board (TPB). Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.

National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

FNSTPB504 Apply legal principles in corporations and trust law

Element:

1. Research legal aspects of corporations and trust law relevant to client's circumstances

Performance Criteria:

1.1 Identify client circumstances that require advice on corporation and trust law matters

1.2 Research corporations and trust law and related legislation, regulation and practice

1.3 Identify different types of relevant corporations and trust law transactions, and clearly outline their legal context, establishment procedures and purpose

1.4 Identify legal principles applying to corporation and trust matters that are relevant to client circumstances

Element:

2. Analyse issues and risks associated with operation of a business

Performance Criteria:

2.1 Identify areas of risk in application of law in corporation and trust matters

2.2 Analyse how legal issues impact on different types of legal entities

2.3 Evaluate relevance to client circumstances and implication of risks for structure, operation and performance of different types of legal entities

2.4 Assess ways in which risk mitigation is addressed in formation and operation of different types of legal entities

Element:

3. Apply knowledge of law to business structures

Performance Criteria:

3.1 Collect and collate client's business information for analysis

3.2 Interpret, analyse and process available information to obtain required knowledge on client's business structure requirements

3.4 Provide advice to client based on identified facts and relevant laws

Element:

4. Maintain legal knowledge

Performance Criteria:

4.1 Review client's circumstances and business structure, and apply any changes in relevant aspects of corporations and/or trust law if necessary

4.2 Access and use systems for maintaining up-to-date knowledge about relevant legal aspects of corporations and trust law

4.3 Review relevant legal sources regularly and apply any changes in daily work

Learning Outcomes

Details of Learning Activities

This subject is a cluster with ACCT5386C Monitor Corporate Governance.

Students will be progressively introduced to skills and knowledge required to research corporate governance reporting trends, examine corporate governance standards and practice and review compliance to develop and implement processes and procedures for meeting corporate governance obligations. Students will also develop skills and knowledge required to apply legal principles in corporations and trust law matters.

In-class activities will account for some of the nominal hours allocated to this course and will include a range of self-paced and collaborative learning activities such as class discussion, completion and review of set exercises and work, tests, team presentation and a comprehensive individual assignment.

The hours of self directed/self paced learning by students will be taken up with reading, research, set work on exercises and the completion of the individual assignment outside scheduled class time. F2F classes are in total three (3) hours per week. The learning activities described will be covered in these classes and we expect you to participate and contribute in all scheduled learning activities.

Teaching Schedule

This course is clustered (i.e. co-delivered and co-assessed) with ACCT5386C - Monitor Corporate Governance. As a result, other than the elements and the critical aspects specific to this course, the two course guides will depict the same information.

Please Note: The nominal hours associated with what is described above (as reflected below) are a guide only and represent the total teaching time and student effort required to successfully complete this course. This may include not only scheduled classes but also the amount of effort required to undertake, evaluate and complete all assessment requirements, including any non-classroom activities.

The application of Legal Principles in Business, Corporation and Trust Law - by Penelope McCann

References

Other Resources

Prescribed Textbook is: The application of Legal Principles in Business Corporation & Trust Law by Penelope McCann

Overview of Assessment

In order to achieve competency in this unit, you must provide:

Performance Evidence

Evidence of the ability to:

◾research changes to, or new, legislative requirements in relation to corporations and trust law relevant to the client’s circumstances and business structure requirements ◾apply current statute, common law and equitable principles in relation to corporations and trust law relevant to the client’s circumstances ◾present a recommendation on suitable business structures or legal entities to the client after considering the client’s circumstances

Knowledge Evidence

To complete the unit requirements safely and effectively, you must:

◾describe the operation of the Australian legal systems and processes relevant to corporations and trust law including:

basic principles, current statute, common law and equitable principles

roles and responsibilities of key organisations

constitutional considerations

separation of powers

basic principles of the law of torts, particularly relating to negligence and negligent misstatement

courts and regulatory bodies

◾outline how laws are enacted and their underlying policy aims ◾explain how those laws may be interpreted by existing common law and equitable rules and applied to corporations and trusts ◾analyse legal concepts of business organisational structures, and underlying regulation including the application of these to:

sole traders

partnerships

corporations

trusts

agencies

joint ventures

incorporated associations

◾examine legal aspects of superannuation with reference to:

ways in which superannuation can be accumulated and taken

who can provide superannuation products and how those providers and their products are prudentially licensed and regulated

duties of superannuation trustees

how superannuation interests are protected and litigated

current and future developments in superannuation law and policy

◾identify and reference the key features of Australian corporations law and requirements to analyse issues and risks relating to:

nature of a company

company registration

promoters and pre-registration contracts

company constitution and replaceable rules

contracting with others

fundraising

share capital

member meetings

corporate management

directors’ duties

member remedies

bankruptcy and insolvency

◾examine legal concepts and scope of law covering trusts with particular reference to:

structure of a trust

trust deed

common law duty

role and responsibilities of a trustee

types of trusts

member meetings

corporate management

member remediation

bankruptcy and insolvency

Assessment Conditions

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the tax and legal fields of work and include access to:

office equipment, technology, software and consumables

relevant legislation, regulations and codes of practice

You are advised that you are likely to be asked to personally demonstrate your assessment work to your teacher to ensure that the relevant competency standards are being met.

Feedback

Feedback will be provided throughout the semester in class and/or online discussions. You are encouraged to ask and answer questions during class time and online sessions so that you can obtain feedback on your understanding of the concepts and issues being discussed. Finally, you can email or arrange an appointment with your teacher to gain more feedback on your progress.

You should take note of all feedback received and use this information to improve your learning outcomes and final performance in the course.

Assessment Tasks

Assessment Tasks

Please note that this course is clustered/co-delivered and co-assessed holistically as a group of two (2) course being, ACTT5316c - Monitor Corporate Governance Activities and BAFI5223C Apply Legal Principles in Corporation and Trust Law. As a result, other than the elements and critical aspects to this course, the two course guides will depict the same information.

Task 2: Team Presentation (Group of 2 maximum) - Available to students Week 5, Presentation Due Week 12

Task 3: Individual Presentation - Available to students Week 6, Due Week 15

The Teacher or Course Coordinator may request anytime to ask students to demonstrate and/or reproduce assessments to validate authenticity. ANDStudents must get competency in all the assessment tasks in order to obtain competency in this course.

Late Submission Procedures

You are required to submit assessment items and/or ensure performance based assessment is completed by the due dates.

If you are prevented from submitting an assessment item on time, by circumstances outside your control, you may apply in advance to your teacher for an extension to the due date of up to seven calendar days.

Where an extension of greater than seven days is needed, you must apply for Special Consideration. Applications for special consideration must be submitted no later than two working days after the assessment task deadline or scheduled examination.

If you are found to be unsuccessful in a particular Course Assessment Task (or you do not submit/attend) you will be allowed one resubmission. Your teacher will provide feedback regarding what you need to do to improve and will set a new deadline for the resubmission.

If you are still not meeting the assessment requirements you must apply to your Program Manager in writing outlining the steps you will take to demonstrate competence in your course. Your submission will be considered by the Program Team and you will be advised of the outcome as soon as possible.

Grading & re-submissions

Successful re-submissions will contribute a CAG only (Competency Achieved Grading) result to your overall grade for the course.

Adjustments to Assessment

In certain circumstances students may be eligible for an assessment adjustment. For more information about the circumstances under which the assessment arrangements might be granted please access the following website: